Price and wage inflation persistence across countries and monetary regimes

Adjemian, 2011, Dynare: Reference Manual. Version 4, Dynare Working Papers, 1, CEPREMAP Álvarez, 2005, Do Decreasing Hazard Functions for Price Changes Make Any Sense?, ECB Working Paper Series, No. 461 Álvarez, 2011, Optimal Price Setting with Observation and menu Costs, Quart. J. Econ., 126, 1909, 10.1093/qje/qjr043 Álvarez, L.J., Lippi, F., Paciello, G., 2015. Phillips Curves with Observation and Menu Costs. EIEF Working Papers Series 1508, Einaudi Institute for Economics and Finance (EIEF). An, 2007, Bayesian Analysis of DSGE Models, Economet. Rev., 26, 113, 10.1080/07474930701220071 Barattieri, 2014, Some Evidence on the Importance of Sticky Wages, Am. Econ. J.: Macroecon., 6, 70 Benati, 2008, Investigating Inflation Persistence Across Monetary Regimes, Quart. J. Econ., 123, 1005, 10.1162/qjec.2008.123.3.1005 Benati, L., 2009. Are ‘Intrinsic Inflation Persistence’ Models Structural in the Sense of Lucas (1976)? ECB Working Paper Series, No. 1038. Benati, L., Goodhart, C., 2011. Monetary Policy Regimes and Economic Performance: The Historical Record, 1979-2008. In: Friedman, B.J., Woodford, M. (Eds.). Handbook of Monetary Economics 3B: Elsevier Science, North-Holland. pp. 1159–1236. Bertola, G., Blau, F.D., Kahn, L., 2002. Comparative Analysis of Labor Market Outcomes: Lessons for the US from International Long-Run Evidence. In: Krueger, A., Solow, R. (Eds.). The Roaring Nineties, Russell Sage Foundation, New York, pp. 159–218. Blanchard, 2000, The Role of Shocks and Institutions in the Rise of European Unemployment: The Aggregate Evidence, Econ. J., 110, C1, 10.1111/1468-0297.00518 Calvo, 1983, Staggered Prices in a Utility-Maximizing Framework, J. Monet. Econom., 12, 383, 10.1016/0304-3932(83)90060-0 Canova, 2009, Back to Square One: Identification Issues in DSGE Models, J. Monet. Econ., 56, 431, 10.1016/j.jmoneco.2009.03.014 Card, D., Freeman, R.B., 2004. What Have Two Decades of British Economic Reform Delivered? In: Card, D., Blundell, R., Freeman, R.B. (Eds.), Seeking a Premier Economy: The Economic Effects of British Economic Reforms, 1980-2000, University of Chicago Press. Cecchetti, 1986, The Frequency of Price Adjustment: A Study of the Newsstand Prices of Magazines, J. Economet., 31, 255, 10.1016/0304-4076(86)90061-8 Chari, 2007, Business Cycle Accounting, Econometrica, 75, 781, 10.1111/j.1468-0262.2007.00768.x Clarida, 2000, Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory, Quart. J. Econ., 115, 147, 10.1162/003355300554692 Di Bartolomeo, 2017, Intrinsic Persistence of Wage Inflation in New Keynesian Models of the Business Cycles, J. Money, Credit Bank., 49, 1161, 10.1111/jmcb.12412 Di Bartolomeo, 2018, Optimal Inflation Targeting Rule under Positive Hazard Functions for Price Changes, Macroecon. Dyn., 22, 135, 10.1017/S1365100516000535 Erceg, 2000, Optimal Monetary Policy with Staggered Wage and Price Contracts, J. Monet. Econ., 46, 281, 10.1016/S0304-3932(00)00028-3 Fernández-Villaverde, 2010, The Econometrics of DSGE Models, SERIEs Spanish Econ. Assoc., 1, 3 Fougere, 2007, Heterogeneity in Consumer Price Stickiness: A Microeconometric Investigation, J. Busin. Econ. Statist., 25, 247, 10.1198/073500107000000214 Fuhrer, 1995, Inflation Persistence, Quart. J. Econ., 110, 127, 10.2307/2118513 Galí, 1999, Inflation Dynamics: A Structural Econometric Analysis, J. Monet. Econ., 44, 195, 10.1016/S0304-3932(99)00023-9 Galí, 2001, European Inflation Dynamics, Eur. Econ. Rev., 45, 1121, 10.1016/S0014-2921(00)00105-7 Galí, 2011, Unemployment in an Estimated New Keynesian Model, NBER Macroecon. Ann., 2011, 329 Goette, L., Minsch, R., Tyran, J.R., 2005. Micro Evidence on the Adjustment of Sticky-price Goods: It’s How Often, not How Much. Discussion Papers 05-20, University of Copenhagen, Department of Economics. Ikeda, 2007, Price Setting Behavior and Hazard Functions: Evidence from Japanese CPI Microdata, Bank Japan Working Paper Ser., No, 07-E-19 Iskrev, 2010, Local Identification in DSGE Models, J. Monet. Econ., 57, 189, 10.1016/j.jmoneco.2009.12.007 Iskrev, 2010, Evaluating the Strength of Identification in DSGE Models. An a Priori Approach, 201032, 1 Justiniano, 2011, Investment Shocks and the Relative Price of Investment, Rev. Econ. Dyn., 14, 101, 10.1016/j.red.2010.08.004 Leith, 2005, Estimated General Equilibrium Models for the Evaluation of Monetary Policy in the US and Europe, Eur. Econ. Rev., 49, 2137, 10.1016/j.euroecorev.2004.09.010 Lubik, T.A., Schorfheide, F., 2006. A Bayesian Look at New Open Economy Macroeconomics. In: Gertler, M., Rogoff, K. (Eds.), NBER Macroeconomics Annual 2005, The MIT Press, Cambridge, pp. 316–366. Lucas, 1972, Expectations and the Neutrality of Money, J. Econ. Theory, 4, 103, 10.1016/0022-0531(72)90142-1 Mulligan, C.B., 2002. A Century of Labor-Leisure Distortions. NBER Working Papers 8774, National Bureau of Economic Research, Inc. Nakamura, 2008, Five Facts about Prices: A Reevaluation of Menu Cost Models, Quart. J. Econ., 123, 1415, 10.1162/qjec.2008.123.4.1415 Noussair, 2015, Pricing Decisions in an Experimental Dynamic Stochastic General Equilibrium Economy, J. Econ. Behav. Organ., 109, 188, 10.1016/j.jebo.2014.10.016 Phelps, 1969, The New Microeconomics in Inflation and Employment Theory, Am. Econ. Rev., 59, 147 Rabanal, 2005, Comparing New Keynesian Models of the Business Cycles: A Bayesian Approach, J. Monet. Econ., 52, 1151, 10.1016/j.jmoneco.2005.08.008 Sheedy, 2007, 837 Sheedy, 2010, Intrinsic Inflation Persistence, J. Monet. Econ., 57, 1049, 10.1016/j.jmoneco.2010.10.002 Smets, 2005, Comparing Shocks and Frictions in U.S. and Euro Area Business Cycles: A Bayesian DSGE Approach, J. Appl. Economet., 20, 161, 10.1002/jae.834 Taylor, 1980, Aggregate Dynamics and Staggered Contracts, J. Polit. Econ., 88, 1, 10.1086/260845 Taylor, 1999, Staggered Price and Wage Setting in Macroeconomics, Vol. 1A, 1009 Townsend, 1983, Forecasting the Forecasts of Others, J. Polit. Econ., 546, 10.1086/261166 Villa, 2016, Financial frictions in the Euro Area and the United States: a Bayesian assessment, Macroecon. Dyn., 20, 1313, 10.1017/S1365100514000881 Yao, 2016, A Note on Increasing Hazard Functions and Monetary Transmission Mechanism, Macroecon. Dyn., 20, 446, 10.1017/S1365100514000376